The surge in apartment rents since the downturn has sparked development across the country. But tenants pinched by rising rents shouldn't expect relief soon from the new apartments for a simple reason: Demand is likely to outpace supply for some time.
While apartment construction has picked up from its lethargic pace in 2009 and 2010, today's level is still below historical norms. There were 242,000 apartment units—the vast majority of which were rentals, not condominiums—under construction in November, below the roughly 340,000-a-month average during the 2000s, according to the Census Bureau...............................................Full Article: Source